Clarification of the Scope of the Audit and Accounting Guide Audits of Investment Companies and Accounting
Published on:
May 11, 2006
The Dealer Accounting Committee of the Securities Industry Association (SIA)* provide comments to the Financial Accounting Standards Board (FASB) on the AICPA proposed statement of position, “Clarification of the Scope of the Audit and Accounting Guide Audits of Investment Companies and Accounting by Parent Companies and Equity Method Investors for Investments in Investment Companies (the SOP).” SIA observes the process for finalizing the SOP has not been uniformly consistent, with intermittent stopping and starting, and the questions whether the guidance is truly necessary.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.